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hard to see how we can get president obama to cut taxes for the $50,000 and below. -- $25078,000 level and below. -- $250,000 level. it does raise questions on his own position as house speaker. so many questions in the days ahead. it duds not -- does not look very optimistic. they did not fill us with holiday cheer. president obama when he spoke friday evening before he left to hawaii looked tired of the whole process. he'll be back mid next week as will congress. so they'll have a few days to get their acts together to come together on a smaller bill. it does not look like we're going to see anything large, the big deal at this point. we're looking at a scalled down measure if anything and it's not even clear that that will pass. >> kicking the can down the road. >> rachel, thank you so much for being here. >> thank you. >> all right. coming up -- there's a bar inside a local clothing shop. not sure what video that is. but we'll be right back. >> we want to tell you >> russia is taking drastic steps to prevent americans from don'ting -- don'ting --
. and the third part is $1 trillion in obama's taxes. that's the obama care taxes they hid from you because they're all scheduled to come in after he got safely elected. >> let's go back to the bush-era tax cuts. for you, given your position, that's really what we want to focus on here. you make the point that democrats could have voted before when they had super majorities or big majoritiemajo and that's a fair point. but in part thanks to you, voting for tax increases is a political death for republicans and democrats. that brings me to my next question. i've talked to republicans and democrats who think we are going to go off the cliff, and here's the reason why. if we go off the cliff, everybody's taxes go up automatically. then congress can come back in january and vote for a tax cut as opposed to tax increases. what do you think about that? >> one of the challenges, of course, is people see this happening. they realize the president has not been negotiating at all over the past three months. we learned days and weeks and months afterwards that they had non-meetings where this is going on.
-cuttingest democrat in the history of the republic. and the bush tax rates will be replaced by the obama tax rates. so he knows he's in a better position than they are. the question is as the clock ticks down and markets become anxious and capital becomes scarce and people are worried about what's going to happen out there, that the president has to think as much as he'd be better off then -- and, certainly, senator barrasso makes a good point about that -- the president's going to have some gut-check moments while he's out on the golf course and looking at the blue pacific, he's going to have to think can his second-term presidency really begin in the midst of a recession, and is he going to be okay with that? gregg: all right, so the clock is ticking, but there's another clock we're keeping a close eye on. i mean, we're talking about the debt clock. look at that, $16.3 trillion and growing second by second. and the president instead of focusing on cuts, he actually demanded even more spending, new stimulus, additional spending. maybe he doesn't think that $16 trillion is a real problem even though y
that will be done by the tax increase that is coming. >> chris: you would go for the stripped down obama plan? >> i would go for what the speaker tried to do late last week and try to get the number up from $250,000. yes, there is going to be a tax increase on the wealthy. i would try to protect investments as much as possible. do the amt patch. have a reasonable deal on estate taxes. i'm a squish on this. got to make the best of a bad situation. i think what will happen incidentally is republicans will be faced on monday, on december 31 with having to vote on a much worse proposal than the one they didn't give speaker boehner the majority for. >> chris: the plan b. >> harry reid will pass through the senate on thursday or friday a tax hike on everyone over $250,000 and republicans will have the joyc choice on m, letting it come to a vote. i think the speaker probably has to. b, will they lose 20 or 30 republicans to join the democrats to pass this or not. i think it is a worse outcome but that is what happens when republicans decided they would just be ob cit obstinate and no along with the speake
that president obama wants to raise taxes on. >> he was putting it at 400,000 senator, i want to move to the issue of guns. we heard what ray lapierre said earlier. he was singling out one of your colleagues. i want you to listen to part of his interview. >> you could ban all diane fine stein, done whatever you said to. she had insure bean and columbine occurred. >> is the revival of that ban, is that going to pass? >> i think that's a phony piece of legislation. >> so dianne feinstein was brought up i think five times in that interview. do you think this line of attack is going to work for the n perform a, piling on california lawmaker, from that state? pinches i think we have to take up all the issues. they mass killings have to stop and we have to do everything we can. it will include looking at how many bullets do you need in a magazine in a semiautomatic weapon? i don't know, but i'd like all the hunters to come to the table as well as the people who live in cities who do not want guns and want gun controls. we had need a real dialogue, not just a one-sided one. we need to talk a
's working very well, at least today for the stock. thank you, nicole. well, president obama has always promised not to raise taxes on the middle class, but if he can't reach a deal with republicans in the next seven days, that's exactly what will happen and adam shapiro, i've got to tell you, looking at the numbers, if the president gets every penny from the so-called rich that he wants to get, that would still only be 1/8 of the money that he needs to balance the budget. >> in very simple terms, it's roughly 70 billion dollars is what it would raise, in a budget-- >> if the rates go up and another 20 billion, if you get rid of deductions, but he's increased spending 800 billion dollars a year. >> and to say that 70 to 80 billion in a budget that's 900 billion to a tral over budget. so doesn't add up. where does the other 930, 920 billion where is it going to come from? >> which is why, shibani, a lot of people say, maybe he wants to go over the fiscal cliff because he cares about maintaining that level of spending. he doesn't want to decrease spending, he wants to keep it where it is
tax hikes don't go in to effect. president obama on friday saying he would accept a deal as long as it does not allow taxes to go up on middle class americans, as long as it extends unemployment insurance and lays the groundwork for deficit reduction in the future. so there's sort of scaling back their expectations. house speaker boehner tried to get an alternative bill passed through the house last week. that failed. the focus shifts to the senate. reid and mcconnell will really be charged with trying to hammer out the fine details of that deal that can make it through the senate and through the house so that is the challenge moving forward. of course, president obama here in hawaii for his christmas cray case. he played some golf over the weekend. also, attended the memorial service for the late senator daniel inouye. thomas, on a much lighter note, he asked me had i taken my flip flops out last hour. i hadn't but i did since my work is wrapping up for you guys, flip flops are out and i'm ready to join those folks on the beach behind me. >> i'm very proud of you. i don't want t
off to hawaii, president obama was prepared to accept a smaller deal as long as it prevented taxes from going up on middle class americans and extended unemployment insurance. >> i expect democrats and republicans to get back to washington and have it pass both chambers, and i will immediately sign that legislation into law before january 1st of next year. >> reporter: but americans say the uncertainty in washington is casting a cloud over their holidays. >> they are responsible for the well-being of all americans, and right now they're more woern wored about politics. >> i would tell them to get off their butts, because most of us aren't making six-figure incomes and we need every single dime that we have. >> reporter: now, if we go over the fiscal cliff, taxes will increase for most americans. lawmakers will return to washington later this week to resume negotiations. president obama is also expected to cut his vacation short. willie, back to you. >> kristen welker in honolulu this morning. thanks. >>> john harwood is the chief washington correspondent and writing for "the new yo
to get a deal for weeks and says the real problem that republicans won't admit that obama won the election. >> on taxes, i know it's hard for republicans but the president ran on the platform. 250. no tax increase for people below but taxes for people above. he won. 60% of voters said they were for it in exit polls including republicans. >> wake of house speaker john boehner's plan "b" failure, all eyes turn to senate leaders harry reid and mitch mcconnell and whether they work out something short of $4 trillion grand bargain. last-minute stop gap. attending tax cut for people making $250,000 or less. and unemployment benefits for 2 million people who will lose the benefits a week after christmas. >> it is going to be a patch. because in four days we can't solve everything. >> yet, other republicans note the president short-term fix raises some taxes, yet punt spending cuts until next year. >> i would vote for revenue, including the tax rate hike though i don't like them to get, to save the country from becoming greece. i'm not going to set aside the $1.2 trillion in cuts. >>
for. payroll tax, that's $160 million. we have obama care taxes. we know those are going through. >> the payroll tax number going up again? >> payroll tax, i think they're not going to extend it. so that goes up -- >> sooner or later they have to go up. >> that's $160 billion -- >> don't we need that money? >> funding social security. so it's very likely that that tax cut will not be extended into the new year. so there's a chance you have a mild recession, even in real terms, in the first half of next year. the good news, i think, my big prediction, i've had for awhile for whatever it's worth, i think we're developing a new nifty 50 in this country of very, very strong companies that are almost bond proxies. and i know a lot of people think they're expensive, but there's no other alternative. there's no other place to go. >> is the market priced appropriately for your estimation -- >> no, i don't think. >> for the first half of 2013. >> if you look at bottom of analyst estimates for 2013 they're still using 113, 114 for operating earnings, an 11% increase. that's with profit mar
. president obama is in hawaii but may return early to resume negotiations. taxes for all americans will go up if a deal is not reached by january 1st. the main sticking points are tax hikes and spending cuts. >>> we are learning more about the dui arrest of a u.s. senator. mike crawl crapo was pulled over in alexandria. an officer said he saw him run a red light. police say he registered a blood alcohol level of .11. the legal limit in virginia is .08. the senator was released on bond about four hours later. the senator released a statement sunday saying i am deeply sorry. i made a mistake for which i apologize to my family, my idaho constituents and any others who have put their trust in me. he is due in court january 4th. >>> heading home for the holidays. nasty weather out west makes the journey longer for some people. we will take a look at mother nature. ♪ because we know how much you do to make the holidays just right. from ornaments to ottomans, memories are made with ikea. >>> church leaders in newton, connecticut are getting standing ovation for helping the community cope with the
to santa. a grand bargain isn't going to come by christmas or new year's when all sorts of tax increases and automatic spending cuts take effect. it may take up president obama's bare bones stopgap measure. that plan would block tax hikes for those earning $250,000. it would extend unemployment benefits to 2 million americans and put off spending cuts until the new year brings a new congress. our expert on all matters relating to the fiscal cliff is dana bash. she joins me now from washington. dana, great to see you again. tell me does even a band-aid approach work? >> it's going to be tough. this is all math. but it really has to do with the math with regard to votes. and democrats especially who i'm talking to in the senate which is probably where this will originate, the reality is that democrats don't hold a very big majority. her going to need to have a handful of republicans to cross party lines and vote with them on the whole concept of raising any taxes. especially what the president wants which is something that is raising taxes on all americans making more than $250,000. that's
cliff. president obama and congress are on christmas vacation. it will be thursday before talks resume to try and prevent automatic tax hikes and spending cuts from taking effect january first. andrew spencer has the latest. analysts say many shoppers haven't been in the holiday spirit when it comes to spending money. the four-day black friday weekend that started on thanksgiving was strong. sales rose 2-point-7 percent. but analysts says sales fell 4-point-3 percent for the week ending december 15th. and last week they forecasted holiday spending to decrease another 2-point- 5 percent. previous expectations were for a 3-point-3 percent increase in spending. the saint anthony foundation needs help to reach its goal of collecting 5-hundred hams during the 25th annual curbside donation drive. according to the foundation, they collected a hundred hams. that's just 20-percent of their goal. the foundation hoped to get another 400 hams sunday and today. if you would like to donate a ham you can do so at the drive. located in front of saint anthony's in san francisco's tenderloin area. from
. >>> the deadline to avoid the fiscal cliff is just a week ago. on fri, president obama said he still hoped to work out a deal to keep taxes for 98% of americans from going up on the first of january. but both sides aren't talking and congress is in recess until after christmas. republicans aren't holding out any hope for a deal. >> i would hope that we would have one last attempt here to do what everyone knows needs to be done, which is a larger plan that really does stabilize the debt and get us moving in the right direction. >> if we get down to the end of this year and the oil only choice we have is to save taxes going up on the middle class, then i would support that. but i wish we had a comprehensive bill that dealt with spending and entitlement altogether. >> i believe the president senses a victory at the bottom of the cliff. >> some finger pointing. other republicans are now looking past new year's day to the next battleground. >> i will raise the debt ceiling only if we save medicare and social security and prevent this country from becoming greece. no more borrowing without addressing wh
with the obama white house. >> the president's statement is right. no one wants taxes to go up on the middle class. i don't want them to go up on anybody. i'm not in the majority of the united states senate. he is the president of the united states. >> when i listen to the president i think the president is eager to go over the cliff for political purposes. i think he sees a political victory at the bottom of the cliff. he gets all this additional tax revenue for new programs. he gets to cut the military which democrats have been calling for for years. and he gets to blame republicans for it. >> as a practical matter it's already too late for employers to accurately withhold taxes from january paychecks unless there is no change. so workers will feel immediately that 2% hike in the social security tax in those first january pay checks. bill? >> hampton, good to see you. merry christmas. we'll see you later. >> merry christmas to you. >> our next guest says he is unlikely to support any deal the president and speaker can come up with. republican senator joe walsh from illinois joins us right
. >> president obama is and why you right now and will be cutting his vacation short. we will see the taxes go up if we do go over the fiscal cliff. palin a nurses' strike thousands of nurses walked off the job today at nine bay area hospitals. nurses with a center helps halt the bay summit medical center are asking for a negotiated labor contracts and improvement in patient care protections. such as staffing levels, a health benefits, and sick days. strikers a hospital officials want to reduce the number of paid sick days for nurses and technicians while maintaining health care coverage for those who work fewer than 30 hours a week. >> we're looking at power outages this morning all across the bay area. here's a look at the numbers. in the north bay 1075 people are without power. on the peninsula, 517. central coast, 376. and in the east bay 288 customers are without power. taking a live look as we're seeing the traffic in san jose as traffic said is very light right now. it will be tough to get around the malls though today. we will be right back. sleep train thanks all those who helped make a
the fiscal cliff. with one week to go president obama and congress are on christmas vacation. it will be thursday before talks resume to prevent automatic tax hikes and spending cuts taking effect january 1st. on friday, speaker boehner and the president left town with no deal each making a parting pitch. >> we have asked leaders of congress to work towards a package preventing a tax hike on middle class americans protects unemployment insurance for two million americans, and lace the ground work for further work on both growth and deficit reduction. >> the president's solution of raising tax rates would be red ink as far as the eye can see. and it would hurt jobs. >> if congress fails to reach any agreement in con-- income tax rates will go up on about everybody on january 1st. unemployment benefits will expire for many as well. >>> the u.s. senator arrested for driving under the influence says he is "deeply sorry" for what happened. police say that michael crapo was pulled over early sunday in dc for running a red light. he he was arrested after failing a sobriety test. he
faces massive mandatory tax increases and federal spending cuts on january 1st. meanwhile one republican congressman says president obama wants america to go over that cliff >> it is unclear when the president will return from hawaii. staffers for both sides are expected to be communicating over the next few days >> egypt's leading opposition party says it plans to appeal the results of yesterday's constitutional referendum. preliminary results show the new constitution passed with 64- percent of the vote. but opponents say it limits their rights -- and is not legitimate because the voting procedure didn't follow guidelines. parliamentary elections are scheduled in two months -- and the opposition hopes to present a united front by then. some 68-percent of egyptians did not vote in the referendum. >> former president george h. w. bush is showing signs of recovery but may not be home to celebrate christmas with his family. he has been hospitalized since november with a brown tide is related cough. in a statement from hospital his doctors are optimistic he will make a full recovery. how
days away and there is no deal in sight. president barack obama is in hawaii for christmas, meanwhile house speaker house speaker john boehner is also on vacation. before vacation they each made one last pitch. >> we have a tax hike on middle- class americans... >> it would still be ready as far as the eye can see and it would hurt jobs. >> if we go over the fiscal cliff, most americans will see higher taxes and most will feel the sting of harsh budget cuts. >>> holiday vandals hit a church in orange county, what has police launching an investigation . >>> coming up, alex savage would be live with more on a police investigation and it turned into a much bigger situation. >>> police say it happened near a catholic church. was swastikas -- swastikas were found in front of a priest's house. a nay safety scene has been nativity scene has been found in the past. >>> snow in the west could make for a white christmas on the east coast. snow has fallen up to a few inches in other parts of new york state and it is creating headaches for holiday travelers. the region could get a few more inches
. >> the president's solution of raising tax rates would be redink as far as the eye could see and it would hurt jobs. >> president obama says that he will cut his holiday vacation short and try to hammer out the deal with congress. law makers are expected to return to washington later on this week to continue the negotiations. >>> well it's christmas eve and guess what, not everybody has done their christmas shopping. as i am suspecting you are the ones guilty of this. our floor director here a woman, she says she has not finished either. so if you are one of those procrastinators, you are not alone. millions of people are expected to hit the stores. abc2 news linda so is live this morning at the mall in columbia with those last-minute shoppers. i can't believe so many people wait so long linda. >> reporter: i know. i guess it's exciting for them. i don't get it i was done on black friday and i am not bragging but again some people like to shop under pressure. you know macy's and the mall in columbia here they are helping people out. those who have waited this long. the major anchor stores here at t
back underway. >> not until after christmas. and wednesday, most likely on thursday. president obama on vacation in hawaii until after christmas has insisted taxes on the wealthy be increased aen one of his democratic allies said today that position should come as no surprise to anyone. >> on taxes, i know it's hard for the republicans, but the president ran on that platform, 250, no tax increases people below, but taxes for people above. he won 60% of the voters said they were for it in the exit polls, including some republicans. >> and of course, if nothing is done by year's end, taxes will go up for everyone, harris. >> harris: steve centanni, thank you very much. new information tonight on the condition of president george h.w. bush. as you may know he's been hospitalized just before thanksgiving with a lingering cough from a bout with bronchitis. and doctors say that president bush is recovering, but he must build up his strength where he can go home. he's 88 years old and undergoing physical therapy to do just that, to build up his energy. however, right now, doctors are not su
. president obama and congress are are home -- are home now for christmas. automatic tax hikes and spending cuts will kick in january 1st. democrats and republicans insist they are still committed to reaching a deal with the house speaker vowing to return to washington the day after christmas. >>> more than 1,000 people attend the memorial service for the late hawaii senator daniel enoway. he was the first japanese american elected to congress. he spent 50 years in washington serving the people of hawaii. he died last week. he was 8 8. >>> this morning an investigation is underway after a baltimore county police officer opens fire, killing a man who they say was pointing a knife at him. mike schuh is live with more on what happened. good morning, mike. >> reporter: good morning. county police say that their officer stopped a man behind this gas station and what happened next is up for investigation. >> the officer on routine patrol passes this shell station around 3:45 in the morning. behind the building a suspicious man. police say when the officer asked the man to come out he pulled a kni
not work out either. i think they are going to go over the cliff. the main objective obama had was not a fiscal one, it was political, to follow the victory in november by creating a civil war among republicans over the tax issue, which is exactly what happened. he said the 1 requirement i have for any deal is hiking tax rates. the reason that boehner was not able to do plan b was because it involved breaching the principle, which he did openly and said he was ready to do it. there were conservatives who would not do it. that is not a figure of the party that will be extremely hard to reconcile. if you can not, how you get a deal done before january 1? >> that is essentially the problem the president faced with boehner two years ago. last year. can he deliver? how can you negotiate with someone who cannot deliver on his side? >> you go to people for support, at least three of whom have lost their committee assignments. how can you expect them to come over to your way of thinking? >> they were crowing when john boehner went down, taking some delight, but that was pre- cleared by
. president obama as reported is in his native hawaii. before leaving washington, president obama urged congress to pass a mini plan that would preserve middle class tax rates. brianna keilar joins us live from hawaii. what do we think will happen as the holiday week rolls out? >> reporter: well, and don, we should probably say where our senate majority leader harry reid and senator mcconnell, the republican leader in the senate, because now all eyes turn to the senate. they're set to come back to town on the 27th. that is thursday. and at this point there are a number of options for some sort of bill that senate majority leader harry reid could put on the floor, but right now it appears democrats in the white house are pushing for something that still concentrates on making sure that income tax rates for those making a quarter million dollars or less don't go up. that said, it's really hard to see how at that rate senator mcconnell might allow some republican senators to support it or that some republican senators would even want to jump on board with that and even harder to see how a
'neill. obama needs to be ronald reagan. would vote for revenues, including tax rate hikes, even though i don't like them to save the country from becoming greece but i'm not going to set aside the 1.2 trillion in cuts. any hope of going over the fiscal cliff must start in the senate. not one democrat would support the idea that we could protect 99% of americans from a tax increase. boehner's plan b i thought made as soon as. to my republican kcolleagues, te the ronald reagan model is if you get 80% of what you want, that's a good day. i lime simpson-bowles. the president is going to get tax rate hikes. to my republican colleagues, if we can protect 99% of the public from a tax hike that, is not a tax increase in my book. chuck, maybe you and me and some other people in the senate can find a way to find this on the short term but on the long term there's not going to be a deal any time soon. >> you think we're going to go over the cliff? >> i think we're going to fall out of the fiscal tree. the big chance at the big deal is at the debt ceiling. that's when we'll have leverage to turn the cou
looks like. the one on the table is still the old plan a. president obama's offer to raise taxes on the top 2%, restore the bush era tax cuts for the rest of us. yes there is talk about putting in spending cuts, raising medicare eligibility and changing the inflation measure for social security but that is still the one on the table. then there is the alternatives. the house passing that existing senate bill that's out there that would raise taxes on the top 2%. that doesn't include sequestration though. sequestration could happen so they have to either let it happen or insert some kind of stop-gap in there. the other one of course is just literally to extend everything for another month. extend all the cuts to the end of january and simply delay sequestration and of course that is the least desirable but that may be in fact the one that happens right now. let's move on and show you the market is still not very worried about it. the five-month high on an intraday basis on friday but still staying within that trading range that has been in for a while now. not really busting out a
to return to work until thursday. the same goes for president obama who will spend christmas in hawaii. that leaves them just five days to get a deal done to avoid steep tax hikes and spending cuts. senators on both sides of the aisle say both parties need to compromise to avoid a potential econom disaster. >> my one bit of advice to speaker boehner is this. you can't pass a bill with just republicans. on a broad thing like this, you need both. >> ronald reagan model is if you get 80% of what you want, that's a good day. we have the same objective of lower taxes. i like simpson-bowles. put money on the debt. tax rate hikes are partisan solution driven by the president but he'll get tax rate hikes. >> some lawmakers say that no deal will get done by the end of the year. >>> the second victim of a shooting in northeast washington has died. beasley was found shot in the early hours of saturday morning. harris was found lying in the road nearby and pronounced dead at the scene. police are offering a $25,000 reward for information that helps them solve this case. >>> a fixture on the potoma
that cliff. president obama is in hawaii for christmas with his family. before he left he urged congress to adopt a stopgap measure to prevent taxes from rising on people who make less than 250,000 a year. he also asked for a plan to keep providing benefits to unemployed workers. house speaker john boehner is home in cincinnati. he failed to get members of his own party to support his plan b proposal for ending the crisis. speaker boehner says the stalemate and the failure of plan b is the democrats' fault. >> the president -- what the. has offered so far simply won't do anything to solve our spending problem and begin to address our nation's crippling debt. instead he wants more spending and more tax hikes that will hurt our economy. and he refuses to challenges the members of his party to deal honesty with the entitlement reform and the big issues facing our nation. that's why we find ourselves here today. >> the president is scheduled to return to washington wednesday. there's no word if any new talks are planned. >>> even if we go over the cliff, workers won't feel all of the tax inc
for doing that. and i wrote a piece called "if you can't beat 'em, tax 'em." so you decide, is president obama pro-science? or is he just another politician? now, now the really fun stuff. you guys are isolated. i always think d.c. is kind of a reasonable city in a lot of ways because it's kind of, you know, it's near virginia, it's kind of in the south, a lot of good hometown valuings. come out to the left coast sometime. [laughter] come out to the west, and you'll see a whole different set of values. so i live in seattle, i've been to portland frequently, and i love san francisco, and these are all great cities. are they bastions of good science policy? so in seattle what we called snowmageddon, december of 2008 we had a big snowstorm. heaven forbid, you don't use salt in seattle because that's bad for the environment. particularly, they said, it was bad for puget sound. it's a saltwater estuary. so adding a little bit of salt to a saltwater estuary, probably okay. the salmon will be all right. [laughter] instead, instead you take plows, and you pack down the snow and sprinkle sand on
of the year . president obama knows this and set to expire is the bush era tax cuts . what impact will this have on the military? >> it will have an across the board impactit sequestration is so bad. we'll get across the board training to maintenance and to the next weapon system and on base things provided for families and tri-care. it hits everything. secretary panetta called it a meat axe. our readiness will be stunted by sequestration . it is bad policy. >> clayton: republicans agreed to it. you agree and say this is never going to happen. because we will get this thing done . now eight days done. is it possible to go through with a fine tooth comb and pick through. senator sessions said the fiscal cliff is like three days away. we have to read it to sign off on it. >> that's the worst. no, this is not time. let's reform it and go about it with a squaple. meet axe hacks it across the board. either we are going off of the cliff or bad short-term deal that kicks the can down the road. we need to reform quick kick in the can. >> clayton: secretary panetta, set to take over him. w
weapons. >> glor: margaret brennan, thank you. there are eight days now until fhe fiscal cliff of big tax increases for most americans. and across-the-board spending cuts in the federal budget. even with congress adjourned and president obama out of town, erme lawmakers today talked about a last minute deal. >> my own belief is what we ought to do is take speaker boehner's last offer, the president's last offer, split the difference. that would be a package of about $2.6 trillion. you couple that with the 1.1 trillion already done. that would be close to the $4 trillion we need to stabilize the debt and begin to bring it down. >> i would vote for revenues, including tax rate hikes even ugh ih i don't like them, to get a-- to save the country from becoming greece, tax rate hikes are part of the solution driven by the president. but he's going to get tax rate hikes. ratey republican colleagues, if we can protect 99% of the american public from a tax hike that is not a tax increase in my books. >> glor: with christmas just two nuys away last minute gift buyers are out. today shopper track sa
and deficit reduction. >> the president's solution of raising tax rates would still be ready as far as the eye can see and hurt jobs. >> president obama said he will cut his hawaiian vacation short to hammer out a deal with congress with the deadline a short week away. >>> 5:18 now. >>> the nra is adamant about its idea of placing armed guards in the nation's schools. >> this comes as diane fine stein promises to introduce new gun control legislation in the new year. the head of the nra put the game on violent video games and problems with the mental health system insisting another assault weapons ban is not the answer. >> it doesn't work. diane fine stein had her ban, and columbine occurred. >> hundreds of protests yesterday. >>> amid the debate over gun controls and restrictions, bay area ranges are seeing a sharp increase in the number of people who want firearms training. cbs 5 reporter donlin shows us who is seeing up for the shooting lessons. >> reporter: lynn suwannee fired a gun for the first time in her life. >> safety. my arms are tired. >> reporter: before pulling the trigger, she
spending cuts and tax increases will stick in january 1st if no deal is in place. that could throw the u.s. back into recession. president obama and lawmakers are on vacation. congress is not expected to meet again until after christmas. >> i guess we can call in another sign of the times. newsweek will become a digital- only publication in the new year. >> a sad moment. this is its last ever print issue. its features a photograph of the old newsweek offices in new york. the headline reads "last british." the-- "last print edissue." >> a few sloppy snowflakes today, mixed with rain, no accumulation expected. >> will that hold you over? >> no. i am still wishing for snowfall. teachers do as well. a light wintry mix today, not a big deal. nothing to get excited about. why snow excitement factor, 1 out of 10. next weekend we have the potential for little snowfall. let's talk about what's happening right now. areas of rain tracking into southwestern virginia, western north carolina tennessee valley. that will slowly push our way. by lunchtime is when we will see the first areas of a light w
barack obama is on vacation and so is house speaker john boehner and there is no agreement and if we go over the cliff, most americans will see higher taxes. >>> a police woman shot and killed an american security adviser. it happened inside the heavily guarded area. the shooting appears to be an insider attack and authorities say this is the first such attack by a woman and was arrested by afghan police. >>> they are dealing with the rising number of homicides and one city now is also known for its violence. police say 18 people have been killed so far which is down from 43 years ago. the city declared a state of emergency after a deadly summer in 2005. >>> they plan on conduct being several checkpoints from hours from now. they canceled one in fremont and drunk driving is made worse when there are heavy rains like the ones we had over the weekend. they were just three from the same timeframe when skies are clear. >>> roads have been pretty clear and we are just getting a new report of bart delays so let's check in with tara who is in for sal castaneda. >>> this is due a mechanical pro
corporate rate and that tax reform. and also immigration reform. >> and stephanie, let me put it a slightly different way. how long does president obama's second term last? second terms don't last four years sometimes. domestically. >> they last four years but there is a shelf life to what you can get done because people are going to start looking at the midterms pretty quickly. 2013 is a very important year to get things done, tax reform, immigration reform, we have to finish implementing the health care law a year from right now, people are going to be signing up for exchanges in states all over the country. >> what do you -- >> we don't know if barack obama is a liberal, moderate, debating that four years, six years. next year, we will know what -- >> a pragmatic. >> an ideologue at times? we will know. >> i'm going to put you on the spot. >> i'm ready. >> mcauliffe. the big race of 2013, which by the way will dominate the washington media market, mcauliffe and cuccinelli. >> going off to -- >> does he win? >> cuccinelli, he wins, 2016? >> the year of 2012, besides barack obama's re-elec
for lawmakers to head off mandatory budget cuts and tax hikes, and nancy cordes is in honolulu where president obama is having his christmas vacation. nancy, good morning. >> reporter: good morning to you, rebecca. it's almost as if the president and congressional leaders have called a sort of time-out when it comes to the fiscal cliff. there are no major discussions going on right now about what to do now that talks between the president and the speaker appear to have stalled. in fact, the president and senate majority leader harry reid were both here in honolulu yesterday for the funeral of hawaii senator daniel inouye. we're told they didn't really discuss what to do next. before he left washington the president urged leaders to craft a sort of scaled down plan that simply extends the bush tax rates for the middle class and extends long-term unemployment benefits for another year. but, jeff and rebecca, it's really unclear whether even a package like that could pass both houses of congress. so the president is going to be cutting his vacation short and headin
are responsibility in a long time. >> president barack obama is in hawaii for christmas. he said he will cut his vacation short to hammer out a deal. he will prevent automatic tax hikes from taking affect on january 1st. >>> police in virginia arrested a u.s. senator from driving under the influence. he is apologizing to the people of idaho and to his family. he was taken into custody after failing a field sobriety test. he is a member of the mormon church which does not allow members to use alcohol coffee or tea. he said he will take whatever punishment is handed down. >>> the dui crackdown continues here in the bay. several fatal crashes have already been reported and how this year's number will -- and we will have more on how this year's number will compare to last year. >> tara? >> bart is operating on a normal schedule but it will be on a holiday schedule and trains are running about 20 minutes apart. we want to show you maps, these are the things we were talking about and we have a lane blocked in san pablo low avenue -- san pablo avenue north and we have a look at pinehurst, there is a mu
-back version of the grand bargain, something to prevent taxes going up, and also lay the groundwork potentially for deficit reduction in the future. i think you will see president obama cut his vacation short, and continue to play a role in those negotiations. richard. >>> kristin, over the weekend, he attended the funeral for the late senator inouye, who he has called an inspiration to him. what did you see in that service? >> well, more than 20 members of congress attended, mostly democrats, majority leader harry reid spoke and praised senator inouye for his partisan spirit, reaching across the aisle. of course in an earlier memorial service, the president called the late senator his earlier inspiration, on a a lot of members of congress came together to pay their respects. >> thank you, kristin. >>> if congress and the president fail to reach a deal, the impact is as unlikely as immediate as the term "fiscal cliff" seems to imply. the expiration of the tax cuts with a $2200 average tax high. the payroll tax cut would also expire meaning another $40 a paycheck and long-term unemployment benef
. for the majority of the country, that means we are essentially going over the cliff. president obama is in hawaii for christmas with his family b. before he left, he urged congress to adopt a stopgap measure to prevent taxes from rising on people who make less than $250,000 a year. he also asked for a plan to keep providing benefits to unemployed workers. house speaker john boehner is home in cincinnati. he failed to get members of his own party to support his plan b proposal to end the crisis. he said the stalemate and failure of plan b rests with the democrats. >> what the president has offered so far simply won't do anything to solve our spending problems and begin to address our nation's crippling debt. instead he wants more spending and more tax hikes that will hurt our economy. and he refuses to challenge the members of his matter to deal honestly with the entitlement reform and the big issues that are facing our nation. that's why we find ourselves here today. >> president obama is scheduled to return to washington on wednesday. there's no word if any new talks are planned. >>> 9news is tr
away zip like pbs, i love big bird. i'll call it the economy tax. it's been crushing. i've been in business for 25 years. have i no idea what you're talking about. >> where was obama tonight? he went in there disarmed. what was romney doing? he was winning. >> you'll get your chance in a moment. i'm still speaking that wasn't a question, that was a statement. >> i don't look at my pension. it's not as big as yours. >> you said in the rose garden the day after the attack it was an act of terror. >> let me call it an act of terror -- >> can you say that a little louder, candy? >> he did call it an act of terror. >> hi a binder full of women. >> we also have fewer horses and bayonets. >> here's old moderate mitt. where you been, boy. i missed you all these last few years. >> if you can't change washington from inside the white house, then let's get you the plane ticket back to chicago you've earned. >> don't move. vote. voting is the best revenge. >> i ask people to vote for the love of country. >> it is election day, america. >> today's a huge day? >> yes, people are choosing on t
as though president obama, house speaker john boehner were close to getting some sort of a grand bargain that would have addressed tax reform as well as deficit reduction. those talks, of course, fell apart. house speaker john boehner tried to get an alternative plan through the house. that didn't work out. now the focus shifts to the senate. senate majority leader harry reid, minority leader mitch mcconnell will have to try to hammer out some sort of a compromise to avoid going over the cliff, but as you pointed out in your introduction, a lot of senators over the weekend expressed concern that, in fact, we will go over the fiscal cliff. of course, if is that happens, the economy could eventually slip back into recession. one interesting point, thomas, though, last time that members of congress worked between christmas and new year's was 1996. that was during the government shutdown. this is really a rare occurrence for members of congress to have to come back and work out legislation that they went able to get done before the christmas holiday. >> the president is supposed to stay ther
to return to work until thursday. that's the same day president obama will return. he's spending christmas in hawaii with his family. that leaves them just five days to get a deal done to avoid steep tax hikes and big-time spending cuts. senators on both sides of the aisle say both parties need to compromise to avoid a potential economic disaster. >>> last-minute shoppers may not have been as merry this year as retailers had hoped. good morning. >> good morning to you. shoppers filled the malls and stores on the final weekend before christmas but many people may have not been filled with holiday spirit this year. research group npd says customer traffic was in line with last year but consumers are spending less. a combination of factors may be weighing on their minds including the tax impact of the fiscal cliff, aftereffects of sandy and shootings in connecticut. 'tis the season for giving but many charities aren't on the receiving end. the single biggest source of revenue for most charities are down as you are big gifts from endowments. the u.s. million dollar list which tracks large dona
from the fiscal cliff. talks to try to prevent automatic tax hikes and spending cuts won't resume until thursday. andrew spencer has the very latest. >> reporter: some republican lawmakers says president obama wants the country to fall off the fiscal cliff. >> we were gonna go over the cliff before. we are gonna now because that's what the president wants. >> reporter: house speaker john boehner failed to get enough vote for his plan b on thursday. that would have raised taxes on people making more than a million dollars a year. on friday, they left town with no deal. >> i've asked leaders of congress to work toward a package that prevent as tax hike on middle-class americans, protects unemployment insurance for 2 million americans and lays the groundwork for further work on both growth and deficit reduction. >> raising taxes could still be red ink as far as i can see and it would hurt jobs. >> reporter: some long-time lawmakers are dismayed by the perpetual gridlock. >> i feel it's more likely we'll go over the cliff than not and if we allow that to happen, it will be the most colossal
and president obama. dennis: i thought all along that the republicans would look horrible. now, i'm wondering if it is switching the other way. a family earning only $20,000 a year will see that their tax refund gets cut in half if we go off the cliff. >> i think you are right. especially since we have not had the follow-through, dennis. what is the reason for all of this? where are we heading? the president, nor the republicans have answered that question. dennis: thank you for being with us. dagen: chicago mayor is renewing a plan to privatize the cities i second biggest airport. jeff: this was the world's busiest airport from 1948 to 1961. now it is just three big airlines that call this home. southwest, frontier and delta. it is still a huge cash generator for the city. he famously had a deal to privatize the city's parking meters and the problem is, they took all the money they had and spent it already. mayor manuel is under some scrutiny. as i said, both are choosing to do so. the problem is, if you get that money up front and then you spend it, not such a hot deal. they had a $2.5 bill
republicans and the far left in mr. obama's party. the president met with senate majority leader harry reid this afternoon and talked with speaker boehner to begin anew that eort to reach compromise. >> averting this middle-class tax hike is not a democratic responsibility or republican responsibility. with their foes the american people have determined that governing is a shared responsibility between both parties in this congress laws can only pass with support from democrats and republicans, and that means nobody gets 100 percent of what they want. lou: there are only ten days remaining to the fiscal cliff. president obama headed to value within actually minutes, and members of congress have also gone home for chrrstmas vacation already. in a news conference today, speaker boehner admitted negotiations with the president have, indeed, been difficult. >> until the president on monday, these are my bottom lines. the president told me that his numbs, $1 trillion in new revenues, 850 billion in spending cuts was his bottom-line. he could not go any further. lou: and he didn't. the plan be op
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